Settled sales data indicates that although transactions are lower over the year across the combined capital cities the number of sales is beginning to stabilise.
Property transactions are an important component of the housing market, particularly for participants such as real estate agents and mortgage brokers that rely on turnover for their commission. Furthermore, transactions are an important source of stamp duty revenue for state governments.
It is important to note the way in which property transactions are recorded. All data is based on settled sales which means off-the-plan sales are counted once the property settles. Upon settlement, which can be several years after the contract date, off-the-plan sales are recorded at their contract date which means recent years of sales will be subject to revision.